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Author Topic: FXCM - New MT4 Account with direct Integration to its ECN  (Read 113221 times)

Offline Jason Rogers

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #405 on: December 08, 2016, 09:58:54 PM »
I will be out of the office until Monday, December 19th and will respond to your posts and private messages when I return.

For immediate assistance, you can contact our 24-hour live customer support.

Offline Jason Rogers

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #406 on: December 21, 2016, 11:43:48 PM »
It's that time of year again :)

Normally, the forex market trades 24 hours a day, 5 days a week without interruption even for major holidays around the world, and FXCM provides live customer support 24 hours a day even on weekends and holidays.

However, Christmas and New Year's are the two exceptions. Here is a link to FXCM's holiday hours for trading and customer support during these holidays: http://bit.ly/2ih7xrW

For everyone celebrating Christmas, I wish you a happy one! Happy New Year to all!

Offline Jason Rogers

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #407 on: December 22, 2016, 09:49:10 PM »
I will be out of the office until Thursday, December 29th and will respond to your posts and private messages when I return.

For immediate assistance, you can contact our 24-hour live customer support.

It's that time of year again :)

Normally, the forex market trades 24 hours a day, 5 days a week without interruption even for major holidays around the world, and FXCM provides live customer support 24 hours a day even on weekends and holidays.

However, Christmas and New Year's are the two exceptions. Here is a link to FXCM's holiday hours for trading and customer support during these holidays: http://bit.ly/2ih7xrW

For everyone celebrating Christmas, I wish you a happy one! Happy New Year to all!

Offline Jason Rogers

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FXCM Discusses Impact of U.S. Exit
« Reply #408 on: February 13, 2017, 11:24:30 PM »
NEW YORK, Feb. 12, 2017 (GLOBE NEWSWIRE) -- FXCM Inc. (NASDAQ:FXCM) ("FXCM" or the "Company") today provided additional information regarding the costs associated with its U.S. retail foreign exchange activities, which it has agreed to sell to GAIN Capital Holdings, Inc. ("GAIN").  None of FXCM's costs will be transferring to GAIN and FXCM expects significant cost savings from the wind down of its U.S. retail foreign exchange operations.

The table below provides information on net revenues, net income, and Adjusted EBITDA* for FXCM's U.S. subsidiary, Forex Capital Markets LLC, and the rest of its continuing operations for the nine months ended September 30, 2016 (unaudited):
            

           

Even without its U.S. customers, FXCM remains one of the largest global retail foreign exchange brokers, and FXCM anticipates that the increased focus on serving its international global customer base will drive growth and continued profitability improvement.

* Adjusted EBITDA is a non-GAAP measure that is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the Company's results of operations as determined in accordance with U.S. GAAP. The Company believes this non-GAAP measure, when presented in conjunction with the comparable U.S. GAAP measure, is useful to investors in better understanding its financial performance as seen through the eyes of management and facilitates comparisons of historical operating trends across several periods. The Company believes that investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in its industry that present similar measures, although the methods used by other companies in calculating Adjusted EBITDA may differ from the Company's method, even if similar terms are used to identify such measure.  Adjusted EBITDA provides the Company with an understanding of the results from the primary operations of its business by excluding the effects of certain gains, losses or other charges that do not reflect the normal earnings of its core operations or that may not be indicative of its future outlook and prospects. Adjusted EBITDA does not represent and should not be considered as a substitute for net income or net income attributable to FXCM Inc., each as determined in accordance with U.S. GAAP. Please refer to the following table for a reconciliation of Adjusted EBITDA to net income.




(1) Represents a $0.1 million charge for tax receivable agreement payments.   
                            
(2) Represents the provision for debt forgiveness of $8.2 million against the notes receivable from the non-controlling members of Lucid, $5.4 million of professional fees, including fees related to the Leucadia restructuring transaction, stockholder rights plan and investigations into historical trade execution practices, partially offset by $1.0 million of insurance recoveries to reimburse for costs incurred related to the January 15, 2015 SNB event and the cybersecurity incident.
                            
(3) Represents the net bad debt recovery related to client debit balances associated with the January 15, 2015 SNB event.
                            
(4) Represents $2.4 million of professional fees relating to investigations into historical trade execution practices partially offset by $0.4 million of insurance recoveries to reimburse for costs incurred related to the January 15, 2015 SNB event and the cybersecurity incident.

Disclosure Regarding Forward-Looking Statements

In addition to historical information, this release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995, which reflect FXCM's current views with respect to, among other things, its operations and financial performance in the future. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about FXCM's industry, business plans, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with FXCM's plans to shut down its US subsidiary and a potential sale of its US customer accounts, risks associated with FXCM's strategy to focus on its operations outside the United States, risks associated with the events that took place in the currency markets on January 15, 2015 and their impact on FXCM's capital structure, risks associated with FXCM's ability to recover all or a portion of any capital losses, risks relating to the ability of FXCM to satisfy the terms and conditions of or make payments pursuant to the terms of the finance agreements with Leucadia, as well as risks associated with FXCM's obligations under its other financing agreements, risks related to FXCM's dependence on FX market makers, market conditions, risks associated with FXCM's litigation with the National Futures Association and the Commodity Futures Trading Commission or any other potential litigation or regulatory inquiries to which FXCM may become subject, risks associated with potential reputational damage to FXCM resulting from FXCM's plans to shut down its US subsidiary, and those other risks described under "Risk Factors" in FXCM Inc.'s Annual Report on Form 10-K, FXCM Inc.'s latest Quarterly Report on Form 10-Q, and other reports or documents FXCM files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov. This information should also be read in conjunction with FXCM's Consolidated Financial Statements and the Notes thereto contained in FXCM's Annual Report on Form 10-K, FXCM Inc.'s latest Quarterly Report on Form 10-Q, and in other reports or documents FXCM files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our SEC filings. FXCM Inc. undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About FXCM Inc.

FXCM Inc. (NASDAQ:FXCM) is a publicly traded company which owns 50.1% of FXCM Group, LLC (FXCM Group).

FXCM Group is a holding company of Forex Capital Markets LLC, (FXCM US), Forex Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia Pty. Limited, (FXCM AU), and all affiliates of aforementioned firms, or other firms under the FXCM group of companies [collectively "FXCM"]. FXCM Group is owned and operated by FXCM Inc. (NASDAQ:FXCM) and Leucadia National Corporation (NYSE:LUK). Leucadia National Corporation is a multi-billion dollar diversified holding company engaged through its consolidated subsidiaries in a variety of businesses.

FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. The company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.

Trading foreign exchange and CFDs on margin carries a high level of risk, which may result in losses that could exceed your deposits, therefore may not be suitable for all investors. Read full disclaimer.

Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications
jsales@fxcm.com
investorrelations@fxcm.com

Offline outsidetheboxhk

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #409 on: May 10, 2018, 08:49:38 PM »
Isn't this the broker who was fined $2 million by the NFA for slippage malpractices?

http://www.nfa.futures.org/news/newsRel.asp?ArticleID=3851

For Immediate Release
August 12, 2011

For more information contact:
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers


August 12, Chicago - National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC (FXCM) in settlement of a Complaint issued by NFA's Business Conduct Committee on August 12, 2011. The Complaint cited FXCM for retaining gains derived from asymmetrical positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; failing to adequately investigate suspicious activity in several customers' accounts; and - together with its principal Dror Niv - failing to supervise. FXCM is a Futures Commission Merchant, Retail Foreign Exchange Dealer, and Forex Dealer Member located in New York, New York.

In addition to the $2,000,000 monetary sanction, FXCM must credit the accounts of its customers the amount of asymmetrical positive slippage which its customers experienced on their trades from and after June 18, 2008 and provide verification to NFA of these credits. In the future, FXCM is prohibited from engaging in price slippage or margin liquidation practices, as described in the Complaint. FXCM must also enhance existing procedures to ensure efficient execution of customer orders and compliance with NFA's anti-money laundering requirements.

The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org).

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

Right I am getting back into investigating FXCM's three cases and how I may have been tremendously adversely affected.
I am a successful trader now, but back between 2004 and 2010 I suffered some years of losses as well as some profits.  I always wondered if there could be other reasons for some of the losses I have suffered.
I had to close a number of accounts due to losses I incurred, and it is possible that some of my losses were due to actions by FXCM that have been deemed fraudulent.  I have not received a response up to this date.
I have scoured the internet for more information because I really think I have a legitimate claim in the three cases.
I have contacted these people who might be responsible for the customers/traders who were involved: 
Here is who I have contacted so far: Jason Rogers (FXCM USA) / Michael Grant (FCA) / Joe Harari (FXCM USA) / Jaclyn Sales (FXCM USA) / Investor Relations / info@fxcm.com /info@fxcm.co.uk

And now I have contacted the CFTC, NFA and FCA too.
But basically I think I am too late for the 2011 case.  I just am very surprised that all customers affected were not notified, although I see that some did receive credits.  Could have been that my contact information was not up to date, but I don't think so because some clients reported being contacted only one month after the 2011 settlement with the CFTC.

Here are the 3 cases that I have found against FXCM US and FXCM UK in the past 8 years.  There may even have been more.  Disgusting.  I am still tallying the losses I incurred and analyzing which parts of the losses were as a result of FXCM.  Now I have good brokers and I have mastered FX trading, but back then it cost me many sleepless nights and unresolved stress after having lost money that was gifted to me by family and friends.  It was a nightmare and then I tried winning it back in the wrong attitude and too quickly.....If any representative from FXCM is reading this, I beg you to understand how much grief this caused me during and after these fraudulent practices.

  • February 6, 2017 -- CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCMs Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCMs Defrauding of Retail Forex Customers.

    US regulators have punished retail currencies trader FXCM for using algorithms to trade against its own clients, in another stinging blow for global watchdogs against aggressive tactics in the mom-and-pop trading industry.

    The CFTC Order finds that, between September 4, 2009 though at least 2014 (the Relevant Period), FXCM engaged in false and misleading solicitations of FXCMs retail foreign exchange (forex) customers by concealing its relationship with its most important market maker and by misrepresenting that its No Dealing Desk platform had no conflicts of interest with its customers.   
  • August 12, 2011 --  On August 12, 2011, pursuant to a settlement offer submitted by FXCM and Niv, FXCM was ordered, within 30 days of the effective date of the Decision, to make a good faith effort to credit the accounts of its customers the amount of positive slippage which its customers experienced on their trades from and after June 18, 2008.

    NFA fines FXCM $2 million for slippage malpractices, FXCM will credit clients back
  • February 26, 2014 --  FXCM UK Announces $16.9 Million Settlement with FCA for Asymmetric Slippage
    FXCM has announced that they have reached a settlement with the FCA for a total of $16.9 million in fines and compensation agreed to be paid.
    Before trading conditions changes were applied in 2010, customers were not receiving price improvement in the event that FXCMs liquidity providers executed their orders at a price better than anticipated.

If anyone has any more concrete information pls email or private message me.
greg.herron@gmail.com

« Last Edit: May 10, 2018, 08:57:36 PM by outsidetheboxhk »
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